Short Interest in Manulife Financial Co. (NYSE:MFC) Grows By 258.6%

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) saw a significant growth in short interest during the month of February. As of February 15th, there was short interest totalling 40,090,000 shares, a growth of 258.6% from the January 31st total of 11,180,000 shares. Based on an average trading volume of 2,090,000 shares, the days-to-cover ratio is currently 19.2 days. Currently, 2.3% of the company’s shares are sold short.

Manulife Financial Price Performance

Shares of NYSE MFC opened at $31.15 on Friday. Manulife Financial has a 1-year low of $22.61 and a 1-year high of $33.07. The company has a market capitalization of $53.67 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 1.11 and a beta of 1.09. The business has a 50-day moving average of $30.35 and a 200-day moving average of $29.99.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The company had revenue of $9.31 billion during the quarter. Research analysts expect that Manulife Financial will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a $0.3094 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 3.97%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is currently 58.45%.

Institutional Trading of Manulife Financial

Several large investors have recently modified their holdings of MFC. Brooklyn Investment Group purchased a new position in Manulife Financial in the third quarter valued at about $26,000. Crews Bank & Trust acquired a new position in shares of Manulife Financial in the 4th quarter valued at approximately $26,000. Capital Performance Advisors LLP acquired a new position in shares of Manulife Financial in the 3rd quarter valued at approximately $30,000. Fortitude Family Office LLC purchased a new position in shares of Manulife Financial during the 3rd quarter valued at approximately $31,000. Finally, Lee Danner & Bass Inc. acquired a new stake in shares of Manulife Financial during the fourth quarter worth approximately $31,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MFC shares. Royal Bank of Canada lifted their price objective on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.